Investor Presentation 25 October 2006 CEO Presentation Continued - PowerPoint PPT Presentation

Summary � Continued strong result despite fierce competition – exceeding targets � RoE excl. gain from sale of IMB shares 20.7% � Gap between revenue and cost growth 5 percentage points when excluding the full impact of IMB sale � Improved cost efficiency � Cost/income ratio down to 53% when excluding the sale of IMB shares. � Reported C/I 51% � Nordea’s growth strategy is paying off � increasing no. of core customers � strong performance in long term savings – especially private banking � increased penetration among SME clients with Markets related products � lending volumes up from high level � growth strategies in Sweden and Poland & Baltics developing well 20

CFO Presentation

Income statement summary EURm Jan-Sept 06 Jan-Sept 05 Chg % Net interest income 2,863 2,730 5 Net fee and commission income 1,525 1,406 8 Net gains/losses on items at fair value 609 468 30 Equity method 72 46 57 Other income 409 227 80 Total operating income 5,478 4,877 12 Staff costs -1,645 -1,550 6 Other expenses -1,094 -1,062 3 Depreciation -67 -100 -33 Total operating expenses -2,806 -2,712 3 Loan losses 175 130 Operating profit 2,853 2,300 24 Net profit 2,277 1,763 29 22

Income statement summary EURm Q3/06 Q2/06 Chg % Q3/05 Net interest income 979 957 2 920 Net fee and commission income 497 521 -5 469 Net gains/losses on items at fair value 188 179 5 139 Equity method 17 30 -43 11 Other income 253 98 158 62 Total operating income 1,934 1,785 8 1,601 Staff costs -550 -552 0 -520 Other expenses -355 -372 -5 -345 Depreciation -23 -21 10 -31 Total operating expenses -928 -945 -2 -896 Loan losses 55 89 23 Operating profit 1,063 932 14 728 Net profit 872 740 18 563 23

Net interest income YoY Up 5% � EURm Up 6% in Business Areas � 1,000 Increased contribution from deposits on back � 979 957 of higher interest rate level and volume growth 900 933 927 920 913 � NII from deposits accounts for approx. 17% of 800 total revenues 700 Total lending up 11% � � mortgage lending up 13% 600 � SME lending up 10% 500 Pressure on lending margins � 400 � particularly on mortgages in Norway 300 Q3oQ2 200 Up 2% � Improved deposit margins 100 � Positive contribution from consumer credits � 0 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Underlying lending growth in BAs up 9% � adjusted for currencies and repos. Day effect approx. EUR 10m � 24

Change in net interest income YoY Q3oQ2 Volume driven 237 25 -Lending volumes 184 20 -Deposit volumes 53 5 Margin driven -130 -17 -Lending margins -174 -28 -Deposit margins 44 11 Treasury 4 6 Other, net (incl. day count effect) 22 8 Total 133 22 25

Net commission income YoY Up 8% � EURm Savings commissions up 8% 600 � � Asset Mgmt commissions up 9% 529 500 521 � Life insurance up 11% 507 497 484 � Brokerage up 9% 469 400 Payment commissions up 5% � � Cards up 9% 300 Q3oQ2 Down 5% � 200 Brokerage down due to seasonally � 100 low activity and fewer issues of index- linked bonds 0 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Lower commission from Acquisition � finance 26

Breakdown of commission income - gross EURm 400 360 320 338 335 325 319 306 301 280 281 240 200 187 183 160 177 177 175 171 162 120 80 98 90 88 87 87 86 82 40 59 51 48 45 41 32 36 0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Savings related Payments related Lending related Other Of which Asset Mgmt Of which Cards 27

Customer business drives increase in net/gains losses YoY EURm Revenue increase driven by � 200 � structured products 210 180 190 � strong and stable core business in F/X and 160 fixed income trading 164 164 159 140 Net gains/losses in BAs increased by 27% 134 � 120 to EUR 538m 100 80 Q3oQ2 80 60 Unchanged in BAs despite seasonal � 40 effects in Q3 20 32 15 24 0 Stable contribution from Group Treasury -20 � -20 -43 -40 -60 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Business Areas Treasury and eliminations 28

Increased revenues from net/gains losses in BAs Net/gains losses, EURm Q3/06 Q2/06 Q1/06 Q4/05 Q3/Q5 Q2/05 Q1/05 Retail 70 75 83 64 47 57 48 CIB 72 68 87 83 74 51 76 Asset Mgmt 7 4 8 10 6 3 4 Life 15 17 32 33 32 23 3 BAs 164 164 210 190 159 134 131 Group Treasury 8 7 40 -31 -21 68 -15 29

Group Treasury Strong result in volatile market conditions � � annualised investment return in Q3 3.60% compared with funding cost of 3.25% � operating profit up 35% YoY Group Investment Group Funding Jan-Sept Jan-Sept Jan-Sept Jan-Sept Jan-Sept Jan-Sept EURm 2006 2005 2006 2005 2006 2005 Net interest income 80 76 -34 -48 76 124 Net gains/losses 55 32 58 61 -3 -29 Other income 17 14 20 16 35 -2 Income 152 122 44 29 108 93 Expenses -32 -33 -10 -12 -22 -21 Operating profit 120 89 30

Total operating income YoY Up 12% reported � Up 8% excl. gain from sale of IMB shares � EURm Steady increase in net interest income � 1,934 2,000 � lending volume growth compensating for 1,785 1,759 1734 margin pressure 1,800 1,694 1,696 1,601 � strong revenue contribution from deposits 1,600 Commission income up 8% 1,400 � � payment commissions up 5% 1,200 � savings commissions up 8% 1,000 Net/gains losses up 30% 800 � � strong increase in customer driven businesses 600 Q3oQ2 400 Up 8% reported � 200 Down 3% excl. gain from sale of IMB shares � 0 � lower Equity method after disposal Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 � sale of Suomen Asiakastieto in Q2 Excl. gain from sale of IMB shares 31

Expenses YoY Up 3% - ambition to capture opportunities � in growth markets EURm Approx. half of the cost increase (EUR � 1,000 956 45m) related to investments within growth 945 933 928 914 31 896 21 23 23 areas 900 35 31 � Growth Plan Sweden, Life, Poland & Baltics 800 372 393 367 355 Staff costs up 6% 700 364 345 � � increase of FTEs by approx. 2% 600 � general wage increase above 3% 500 552 550 543 532 520 515 � increased variable salaries correspond to 400 1% of increase 300 Other expenses incl. depreciations � 200 unchanged 100 � despite higher business volumes 0 Q3oQ2 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Down 2% � Staff costs Other expenses Staff costs unchanged � Depreciation Other expenses incl. depreciations down � 4% 32

Expense distribution EURm 2,806 +27 +45 +22 2,712 Increase in Investments in Expenses Cost increases Expenses variable growth areas* Jan-Sept 05 adj. for changed Jan-Sept 06 salaries variable salaries and investments in growth areas *Such as investments in Growth Plan Sweden, Cards, Life, Private Banking 33

Staff costs No. of recruited FTEs: approx. EURm 1,900 1,645 +26 1,619 +22 +47 No. of FTEs that 1,550 has left: approx. 1,250 Staff costs Wage Increased Increase in Subtotal Staff costs Jan-Sept 05 increases variable FTEs, net Staff costs Jan-Sept 06 salaries 34

Number of FTEs Strong market growth explains increase in � FTEs Shift towards increasing no. of advisors 32,000 � 29,396 29,201 29,052 28,925 and sales related FTEs in BAs and falling 28,730 28,000 no. of FTEs in processing and staff units 24,000 FTEs Q3/06 Q3/05 Chg YoY 2005 Retail 17,655 17,266 +389 17,373 20,000 CIB 3,602 3,287 +315 3,326 16,000 AM & Life 2,108 1,888 +220 2,033 12,000 BAs 23,365 22,441 +924 22,732 8,000 GPT 4,849 5,097 -248 5,046 4,000 Group Staffs 1,182 1,192 -10 1,147 Group 6,031 6,289 -258 6,193 0 Functions Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Total 29,396 28,730 +666 28,925 35

Cost/income ratio continues downwards % Continued down to 53% in Jan- 70 � Sept/06 (excl. gain from sale of 60 60 IMB) 56 * 53 � income up 8% 50 � costs up 3% � reported C/I incl. IMB 51% 40 Continuous strong growth in � 30 revenues Delivery in line with financial targets 20 � 10 0 2004 2005 Jan-Sept/06 *Excl. sale of IMB 36

Loan losses YoY Positive loan losses reflecting record � EURm low new provisions coupled with 20 recoveries maintained at a high level 0 -6 -7 -23 -20 -31 Q3oQ2 -40 -55 Continued flow of recoveries and low � -60 new provisions Overall credit quality strong in all -80 � -89 markets -101 -100 -120 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 37

Impaired loans Net impaired loans as per cent of total lending: 21bp � EURm. End of period Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Impaired loans, gross 1,604 1,677 1,712 1,820 1,994 Reserves -1,188 -1,272 -1,371 -1,481 -1,545 Impaired loans, net 416 405 341 339 449 Provisions/impaired loans, gross,% 74 76 80 81 78 Impaired loans, net/lending,% 0.21 0.20 0.18 0.18 0.25 38

Net profit YoY EURm Up 29%, 18% excl. gain from sale of � 872 900 IMB 800 740 � Operating profit up 24% 673 665 700 � Tax rate 22% (23% Ytd 05) following revaluation of tax asset in Finland 563 600 506 Q3oQ2 500 Up 18% incl. IMB gain � 400 Excl. IMB gain slightly lower 300 � � lower loan loss reversals 200 � lower Equity method after disposal 100 � sale of Suomen Asiakastieto in Q2 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Excl. gain from sale of IMB shares 39

Continuous increase in earnings per share - rolling 12 months EUR 1.1 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Reported Excl. gain from sale of IMB 40

Return on equity Higher RoE - 22.6% � % � 20.7% excl. gain from sale of IMB 25 At top level among Nordic peers � 22.6 20 RoE well above 2007 target of >17% 20.7 � 18.8 18.0 15 10 5 0 2005 Jan-Sept/05 Jan-Sept/06 Excl. gain from sale of IMB shares 41

Capital position % Tier 1 ratio 6.9% � 8 Profitable volume growth � 7 7.0 7.0 6.9 Total capital ratio at 9.5% 6.8 6.8 6.8 � 6 5 4 3 2 1 0 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 42

Risk-weighted assets (RWA) YoY EURbn RWA up 14% � 200 180 � Total lending up 11% 185 180 174 160 169 � Off-balance commitments up 30% 162 159 153 140 120 100 Q3oQ2 80 RWA up 3% � 60 � Lending up 2% 40 20 0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 43

Return on risk weighted assets, annualised EURbn % 200 2,2 2,0 180 185 180 174 1,8 1,77 160 169 162 159 1,64 1,6 153 140 * 1,53 1,46 1,4 1,39 120 1,29 1,20 1,2 100 1,0 80 0,8 60 0,6 40 0,4 20 0,2 0 0,0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 RWA Return on RWA (net profit, annualised) * Excl. Gain from sale of IMB shares 44

Business trends

Robust volume growth continues YoY Q3oQ2 * Lending, total 10% 1% – Mortgage lending 13% 3% – Consumer lending** 12% 4% – SME lending 10% 2% – CIB lending excl. Markets 7% -4% Deposits, total 10% 0% – Household deposits 8% 2% – SME deposits 13% 2% – CIB deposits excl. Markets 18% -2% *Underlying volume growth in business areas more than 2% **Retail consumer lending (collateralised + non-collateralised consumer lending) 46

Total lending EURbn 201 199 200 191 189 182 180 175 170 161 160 155 156 149 148 147 147 146 140 120 100 80 60 40 20 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Corporate Housing loans Other loans Public sector 47

Household mortgages, volumes and margins EURbn % 75 1.6 70 1.5 70.6 68.5 65 1.4 65.8 64.5 60 62.6 1.3 60.4 55 57.7 1.2 56.3 54.5 50 52.6 1.1 50.0 48.9 45 48.2 1.0 45.7 44.3 40 0.9 35 0.8 30 0.7 25 0.6 20 0.5 15 0.4 10 0.3 5 0 0.2 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 48

Nordic mortgage market � Nordic trends have converged � margins stable in Denmark at approx. 50bp � margins on new lending in Finland and Sweden – show signs of stabilisation � margins in Norway approaching Nordic average – proactive pricing and lag effect from central bank hike � Acceptable profitability measured by risk adjusted return. The mortgage seen as an important customer acquisition vehicle � Revenues from mortgages account for less than 9% of Nordea revenues 49

Mortgage - performance in line with strategy Strong market share growth in � EURbn FI NO SE DE Norway and Denmark Market share 31.2% 12.3% 15.6% 15.2% Nordea prioritising core � EoP Aug 06 customers in Sweden and Finland Market share 25.7% 22.5% 12.7% 20.0% of new lending Ytd Improved market position in Q3 � 50

Retail consumer lending, volumes and margins EURbn % 16 4,8 15,4 14,9 14 4,2 14,2 13,9 13,8 13,5 13,2 12,9 12,7 12 3,6 12,5 12,4 12,4 12,1 12,2 12,2 10 3,0 8 2,4 6 1,8 4 1,2 2 0,6 0 0,0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 51

Lending to corporates (SME), volumes and margins EURbn % 80 1,4 73,4 1,3 70 73,2 70,9 70,0 67,9 65,3 64,0 60 1,2 61,0 58,5 58,1 57,3 57,3 57,4 56,7 56,3 1,1 50 40 1,0 0,9 30 20 0,8 0,7 10 0 0,6 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 52

CIB lending, volumes and margins* EURbn % 30 1.5 28 1.4 26 1.3 24 1.2 23.3 22 1.1 22.6 22.6 22.3 21.7 21.7 21.4 21.4 20 1.0 21.2 20.8 20.3 18 0.9 19.0 18.4 18.1 18.0 16 0.8 14 0.7 12 0.6 10 0.5 8 0.4 6 0.3 4 0.2 2 0.1 0 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 * Excl. Markets, Poland and Baltics 53

Total deposits EURbn 119 119 120 116 113 110 108 106 105 105 100 97 98 96 95 93 92 91 90 80 70 60 50 40 30 20 10 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Of which household deposits 54

Retail deposits, households, volumes and margins EURbn % 50 2,4 50,1 49,6 45 47,1 47,0 2,2 46,9 45,7 44,1 43,8 42,9 2,0 42,3 40 41,7 41,3 40,7 40,4 40,2 1,8 35 1,6 30 1,4 25 1,2 1,0 20 0,8 15 0,6 10 0,4 5 0,2 0 0,0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 55

Structural Interest Income Risk (SIIR) EURm, annualised effect on NII* Q3/06 Q2/06 Q3/05 Increasing market rates, 100bp 174 175 140 Decreasing market rates, 100bp -165 -189 -182 Nordea deposits unchanged in Q3 at EUR 119bn � Increased rate level reduces SIIR for rates down � *Approx. end of period SIIR is defined as the effect on net interest income (NII) in the next 12 months if market rates change by one percentage point. Figures are asymmetrical as interest rates on deposits from customers cannot be reduced below 0%. Figures are based on maturity and repricing structure, and the effect going forward will be subject to management decisions and the competitive situation in the market. 56

Retail deposits, SME, volumes and margins EURbn % 40 1,6 35 1,4 34,8 34,7 33,4 32,6 30 1,2 31,5 30,5 30,1 29,4 28,9 28,8 28,3 28,4 26,7 25 1,0 26,3 26,2 20 0,8 15 0,6 10 0,4 5 0,2 0 0,0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 57

CIB, deposits, volumes and margins* EURbn % 24 0.60 23.2 22 0.55 22.3 22.1 21.8 21.2 20 21.0 0.50 20.4 18 0.45 18.5 17.9 18.0 16 0.40 15.4 15.2 14 0.35 14.9 14.4 13.3 0.30 12 10 0.25 8 0.20 6 0.15 4 0.10 2 0.05 0 0.00 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 * Excl. Markets, Poland and Baltics 58

Assets under management YoY EURbn Up 10% � 158 154 153 160 Strong growth in Private 148 � 144 Banking, up 17% 140 Continued growth in Retail � 120 funds, up 9% 100 Asset growth from well � 80 diversified sale platforms 60 Q3oQ2 40 Up 3% � 20 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension 59

Net inflows Net inflow EUR 9.4bn last 12 � EURbn months 5 Net inflow EUR 1.8bn in Q3 3.4 � 3.3 4 Strong inflow in Nordic Private � Banking and new mandates for 3 1.8 Institutional clients 0.9 2 0.6 Inflow of EUR 0.1bn in Retail � funds 1 Net outflow from European � 0 Fund Distribution -1 � gross inflow � outflow from one fund continues -2 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension 60

Retail operating profit before loan losses YoY EURm Profit up 16% � 700 � double digit volume growth 650 600 � increased no. of core customers 600 589 550 577 � sales of market related products 556 544 500 � largely unchanged costs 450 400 Plan to capture untapped potential in � 350 Sweden proceeding well 300 250 200 150 100 Key ratios 50 Q3/06 Q3/05 0 C/I ratio, % 53 54 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 RoEC, % 32 30 61

CIB operating profit before loan losses YoY EURm Profit up 25% 180 � 169 Strong result in all divisions 160 � 160 * High level of activity in M&A market 140 � 145 144 Good result in Markets 120 � 125 � strong underlying demand for hedging 100 products 80 Strong volume growth in Poland and � Baltics 60 40 20 Key ratios Q3/06 Q3/05 0 C/I ratio, % 29 52 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 RoEC, % 53 21 *Excl. capital gain from sale of IMB shares 62

Asset Management product result YoY EURm Up 24% � 100 Higher AuM 96 � 90 93 Double digit income growth 85 80 � 80 77 Improved income and result margin 70 � 60 Successful product launches � 50 Lower transaction fees in Q3 � 40 30 20 10 Key ratios Q3/06 Q3/05 0 C/I ratio, % 53 51 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 AuM, EURbn 158 144 63

Life insurance, product result YoY Net written premiums up 32% EURm � 70 Unit link premiums up 90% � 65 � accounting for 40% of total premiums 60 61 Fee based business model continues � 56 56 50 to deliver 52 40 30 20 Key ratios 10 Q3/06 Q3/05 Inv return, % 2.7 2.1 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Financial 8.7 7.1 buffers, % 64

Summary � Continued strong result despite fierce competition – exceeding targets � RoE excl. gain from sale of IMB shares 20.7% � Gap between revenue and cost growth 5 percentage points when excluding the full impact of IMB sale � Improved cost efficiency � Cost/income ratio down to 53% when excluding the sale of IMB shares. � Reported Cost/Income 51% � Nordea’s growth strategy is paying off � increasing no. of core customers � strong performance in long term savings – especially private banking � increased penetration among SME clients with Markets related products � lending volumes up from high level � growth strategies in Sweden and Poland & Baltics developing well 65

Facts & figures

Facts & Figures, content � Credit quality Page 75 � Economic capital Page 84 � Business areas Page 87 � Balance sheet Page 114 � Market shares Page 117 � Appendix Page 125 67

Credit quality

Loan portfolio by customer category* EURbn 110 100 105 105 101 100 97 90 93 91 80 85 84 84 83 82 80 79 78 70 71 68 66 60 65 63 60 58 56 50 55 53 50 49 48 46 40 44 30 20 21 21 20 20 19 19 18 17 17 17 16 16 10 15 15 14 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Corporate lending Housing loans Other loans * Excluding public sector 69

Loan portfolio by customer group End Q3/05, EUR 182.1bn End Q3/06, EUR 201.1bn Public Public sector sector 2.0% 1.9% Companies Companies 45.7% 44.9% Household customers Household 52.4% customers 53.1% 70

Lending to household customers End of Q3/06 EUR 91.9bn Other loans comprise � Other loans consumer credits � 23.4% investment credits � car financing � overdraft facilities � credit cards � home equity credits � Housing loans 76.6% 71

Lending to companies by industry End of Q3/06 EUR 105.5bn Construction 9% Shipping & Offshore Real estate 27% 12% Agriculture & Fishing Manufactoring 8% 14% Renting, consulting and other services 11% Other companies Transport and 10% communication 14% Commerce and services Finance 5% 10% 72

Loan portfolio in figures EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Household customers 91.9 89.4 86.0 84.6 81.7 Real estate 28.6 28.0 26.8 26.2 25.6 Construction 3.3 3.6 2.9 2.9 3.1 Transport, communication 5.9 5.8 5.8 5.6 5.1 Trade and services 10.8 10.4 9.9 9.9 9.9 Manufacturing 14.6 14.5 14.0 13.4 12.6 Finance 8.4 9.6 8.7 10.5 14.6 Renting, Consulting and other services 12.5 12.0 10.4 9.6 6.1 Other companies/public sector 13.7 14.5 15.1 14.6 12.8 Agriculture & Fishing 6.1 5.8 5.7 5.8 5.8 Shipping & Offshore 5.3 5.2 5.4 5.3 4.8 Total 201.1 198.8 190.7 188.4 182.1 73

Lending by geographical area End of Q3/06 EUR 201.1bn Latin America Asia 0.6% 1.1% USA Other non OECD Nordic countries 1.1% 0.5% and P&B 93.2% Other Other OECD 6.8% 0.3% Other EU countries Nordic countries and P&B, EURbn 3.2% � Sweden 55.5 � Denmark 54.9 � Finland 41.8 � Norway 32.5 � P&B 4.2 74

Impaired loans EURm. End of Q3/06 Gross Provisions Net Household customers 431 245 186 Manufacturing 314 277 37 Trade and services 161 119 41 Other companies 175 131 44 Real estate 127 91 36 Renting, Consulting and other services 141 125 16 Agriculture & Fishing 115 104 12 Construction 42 28 13 Transport, communication 48 37 11 Public sector 5 1 4 Shipping & Offshore 17 8 9 Finance 28 20 7 Total 1,604 1,188 416 75

Loan losses YoY Positive loan losses reflecting record � EURm low new provisions coupled with 192 200 recoveries maintained at a high level 156 150 92 86 100 58 50 0 Q3oQ2 -7 -23 Continued flow of recoveries and low -50 -31 � -54 new provisions -100 -89 -123 -150 Overall credit quality strong in all -140 � -147 -163 -200 markets -215 -250 -300 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Gross Reversals Net 76

Economic capital

Economic capital (EC) EURbn 10 9 EC per business area 9.3 9.2 9.0 9.0 8.9 (EURm) Q3/06 8 Retail Banking 5,712 7 CIB 1,924 6 Asset Mgmt 162 5 4 Life 1,007 3 Treasury 356 2 GPT 126 1 Other 17 0 Total 9,305 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 78

Economic capital – distribution End of Q3/06 Treasury Other Asset Mgmt Life risk Operational 4% 2% 1% & Life risk Business 12% 9% risk 12% CIB Market risk Retail Credit risk 21% 15% 61% 63% 79

Retail Banking

Retail Banking lending and deposit volumes Lending, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Denmark 48.7 47.5 45.5 45.1 43.2 41.3 38.5 37.4 Finland 38.6 37.7 36.4 35.6 34.8 33.8 33.0 31.6 Norway 27.4 26.8 26.0 25.2 24.3 23.3 21.8 20.4 Sweden 48.8 49.1 46.5 46.1 45.2 43.3 44.0 42.6 Deposits, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Denmark 21.6 21.4 20.5 20.3 20.6 19.3 18.1 18.3 Finland 25.0 25.0 24.1 24.8 23.9 24.0 23.4 23.7 Norway 14.3 14.2 13.4 12.9 12.5 11.9 11.2 10.6 Sweden 23.9 23.9 21.8 22.4 21.3 20.6 20.8 21.8 81

Retail Banking breakdown of lending Denmark, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 19.1 18.2 18.2 18.1 17.0 16.1 14.7 14.3 Household mortgages 21.8 20.8 20.3 19.6 18.8 17.9 17.2 16.8 Consumer lending 6.3 6.0 5.8 5.8 5.8 5.7 5.5 5.3 Finland, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 17.7 17.5 16.9 16.4 16.2 15.9 15.7 14.7 Households mortgages 16.5 16.0 15.5 15.2 14.8 14.2 13.6 13.3 Consumer lending 4.3 4.2 4.0 3.9 3.8 3.8 3.7 3.6 82

Retail Banking breakdown of lending Norway, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 12.7 12.7 12.3 12.0 11.5 11.1 10.6 10.4 Household mortgages 14.0 13.3 12.8 12.4 11.9 11.4 10.5 10.1 Consumer lending 1.0 1.0 0.9 0.9 0.8 0.8 0.7 0.6 Sweden, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 24.0 24.8 23.5 23.5 23.2 22.2 22.9 21.6 Household mortgages 19.5 19.2 18.3 18.0 17.4 16.6 16.6 16.4 Consumer lending 3.7 3.6 3.4 3.4 3.3 3.3 3.3 3.4 83

Retail Banking breakdown of deposits Denmark, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 8.3 8.0 7.8 7.8 8.0 7.2 6.8 7.2 Households, current 3.3 3.4 3.1 3.2 3.1 3.1 2.9 2.9 accounts Households, savings 9.9 9.9 9.5 9.4 9.5 9.0 8.4 8.1 accounts Finland, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 7.4 7.4 7.0 7.2 7.0 7.2 6.9 7.0 Households, current 9.9 10.1 9.9 10.4 10.4 10.3 9.9 9.6 accounts Households, savings 7.7 7.5 7.2 7.1 6.6 6.6 6.5 7.1 accounts 84

Retail Banking breakdown of deposits Norway, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 8.3 8.3 7.7 7.4 6.9 6.3 6.2 5.7 Households, current 2.1 2.2 2.0 1.8 1.7 1.7 1.4 1.4 accounts Households, savings 3.8 3.7 3.7 3.7 3.9 3.8 3.6 3.5 accounts Sweden, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate 10.6 11.1 10.1 11.0 9.6 9.4 9.5 10.6 Households, current 5.5 5.4 5.0 5.0 5.0 4.8 4.9 4.9 accounts Households, savings 7.8 7.4 6.7 6.3 6.8 6.5 6.4 6.3 accounts 85

Retail Banking margins % Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Lending to SME’s 0.95 0.98 1.00 1.04 1.06 1.09 1.13 1.13 Mortgages, households 0.63 0.70 0.75 0.76 0.81 0.85 0.92 0.93 Consumer loans, 3.53 3.61 3.66 3.74 3.81 4.04 4.07 4.18 households Deposits, SME’s 1.03 1.02 1.01 1.05 1.06 1.06 0.86 0.92 Deposits, households 1.69 1.66 1.62 1.55 1.56 1.53 1.55 1.58 86

Payments & transactions

88 Mill. E-banking customers, all customers 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Feb-00 June- Oct-00 Feb-01 June- Oct-01 E-banking customers Feb-02 June-02 Oct-02 Feb-03 Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 Feb-05 Jun-05 Oct-06 Feb-06 Jun-06 Mill. 10 15 20 25 30 35 40 45 50 55 0 5 Q1/00 Q3/00 Q1/01 Denmark Q3/01 Q1/02 E-banking payments Q3/02 Finland Q1/03 Q3/03 Norway Q1/04 Q3/04 Q1/05 Sweden Q3/05 Q1/06 Q3/06

89 0.0 1.0 2.0 3.0 4.0 5.0 Mill. Cards, all customers Jan-01 May-01 Sept-01 Issued debit and credit cards Jan-02 Debit cards May-02 Sept-02 Jan-03 May-03 Sep-03 Jan-04 Credit cards May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 100 120 140 160 180 Mill. 20 40 60 80 0 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Card payments Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06

Payment transactions, households 200 180 160 140 120 100 80 60 40 20 0 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Netbank payments 90

Payment transactions, households Jan-Sept Mill. 2005 2004 2003 2002 2001 2006 Manual transactions 82.5 124.6 129.1 137.7 150.6 166.2 Payterminals 12.6 19.7 23.6 27.1 31.7 34.3 Card payments 514.9 603.6 527.8 459.9 395.5 333.5 Cash withdrawal ATM 125.0 181.7 190.4 197.4 204.4 207.2 Direct debit 81.4 101.2 98.5 86.1 81.5 78.5 E-banking payments 124.6 155.7 139.3 117.3 97.6 78.2 Total 941.0 1,187 1,109 1,026 961 898 91

Corporate and Institutional Banking

CIB lending and deposit volumes and margins Lending, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate Banking Division 12.0 12.7 12.0 11.1 10.9 12.0 12.8 10.8 Financial Institutions Division 1.3 1.5 2.0 1.7 1.8 2.0 2.0 1.4 International and Shipping Division 9.1 9.1 8.6 8.5 8.1 7.7 6.5 5.9 Poland and Baltic 3.8 3.7 3.4 3.3 2.8 2.5 2.3 2.4 Total* 31.1 32.3 32.2 32.4 32.2 32.5 30.9 26.6 Margins**, % 0.83 0.87 0.93 0.96 0.91 0.86 0.94 0.98 Deposits, EURbn Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Q4/04 Corporate Banking Division 6.7 7.5 6.6 7.0 6.3 8.0 8.9 9.1 Financial Institutions Division 11.3 10.3 10.4 10.9 8.6 8.8 11.1 9.0 International and Shipping Division 3.8 4.5 4.3 4.3 3.6 3.6 3.2 3.0 Poland and Baltic 2.0 1.9 1.8 1.8 1.5 1.4 1.3 1.3 Total* 25.1 26.4 25.7 26.8 23.3 24.7 26.7 24.9 Margins**,% 0.38 0.37 0.37 0.40 0.39 0.40 0.37 0.38 * Incl. Markets volumes ** Excl. Markets and Poland & Baltics 93

Nordea operations in Poland and the Baltic countries End of Q3/06 Estonia Latvia Lithuania Poland Total Customers 51,450 39,550 33,150 351,600 1,204,750* Branches/salespoints 14 16 10 41 81 Number of FTEs 309 325 186 847 1,679 Total assets, EURm 1,202 1,279 801 1,808 5,089 Commitments***, EURm 1,061 1,195 721 1,478 4,454 Deposits, EURm 333 366 277 1,091 2,068 Market share, lending, % 9.7 % 7.5 % 6.1 % 1.7 % Market share, deposits, % 4.9 % 3.6 % 3.1 % 1.1 % Operating profit (Q3), EURm 4 5 1 5 13** Country position, overall 3 5 6 18 * Incl. Polish Life customers *’ Difference compared to summary of country result is explained by booking of provisions *** Includes guarantees 94

Asset Management & Life Insurance

Breakdown of AuM by market and channels Fund sales Retail funds* through Private Institutional Life & Total by Q2/06 (sold through third-parties Banking customers Pensions market own distribution) EURbn 63.3 Denmark 17.7 - 16.6 10.9 18.1** 34.2 Finland 6.8 - 14.6 4.2 8.6** 12.0 Norway 1.7 - 1.8 3.8 4.7** 30.8 Sweden 5.8 3.6** 18.5 - 2.9 17.6 Europe 1.0 - 5.2 8.7 2.7 North 0.5 - - - 0.5 - America 5.2 47.5 158.4 25.0 36.0 44.7 * All funds targeted at Nordic Retail segment. ** Includes EUR 4.9bn in pension pools products 96

Asset Management – margins * Q3oQ2 Bps Income margin down 2bp, � 71 70 66 70 64 63 � which can be a ascribed to lower and more 60 normalised transaction income 50 Operating expenses margin in line 37 � 35 40 32 30 30 with last quarter 30 20 Result margin unchanged � 10 Unchanged asset mix 0 � -10 -20 -20 -21 -21 -22 -22 -30 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Income margin Operating expenses margin Result margin *Margins calculated using average AuM for Asset Management Activities excl. Nordic Private Banking activities. In Q3 these assets were EUR 106.8bn. Volumes used for calculating margins have been restated compared to previously reported figures. Non-income generating mandates of EUR 9bn have been deducted. 97

Asset structure* Q3/05 Q3/06 Int'l. fixed Int'l. fixed income income 13% 13% Nordic Nordic Nordic Nordic equities equities fixed fixed 14% 14% income income 46% 44% Int'l. Int'l. equities equities 27% 29% *Average AuM for Asset Management activities excl. Nordic Private Banking activities, in Q3 this was EUR 106.8bn 98

European fund distribution EURbn 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Inflow AuM 99

Life - breaking out profit drivers Fee based on size of life provisions in “with profit” companies – DK, FI � Fee contribution Profit-sharing from the Norwegian business (existing model, change pending) � 25% of surplus/deficit from cost result in DK, 100% from FI and SE � Contribution from cost result Profit-/loss-sharing in Norway � 25% of surplus/deficit from risk result in DK, 100% from FI and SE Contribution from risk � result Profit-/loss-sharing in Norway � Inv. return on Investment return from separated shareholders’ equity (DK, SE) shareholders’ equity � Other profits Health and accident result, holding company result etc. � Unit-linked Net unit-linked result including unit-linked cost/risk result � Retail commission and distribution cost Commissions paid to Retail Banking less distribution cost in Retail Banking � 100